Wall Street rallied Friday, led larger by Apple and Microsoft, as investors finished a turbulent week of trading and a few states ready to ease coronavirus-related lockdowns.
Apple and Microsoft climbed more than 1%, lifting the S&P 500 more than any other firm. The two tech juggernauts are on tap to record their March-quarter results subsequent week, giving investors a glimpse at how the pandemic has affected their global businesses.
Boeing fell greater than 6% after a report the plane manufacturer was planning to cut 787 Dreamliner output by about half.
All of the 11 S&P 500 sector indexes moved higher, with information technology leaping 2.1% and supplies rallying 1.5%.
Even with Friday’s gains, the S&P 500 finished the week lower, with traders fearful of a deep economic plunge following a near-crash in April business activity and weekly unemployment claims topping 26 million in five weeks.
The index has recovered over 25% from its March low, and expectations are growing that extra companies will be allowed to reopen as coronavirus infections showed indicators of peaking.
Georgia became the first state to push ahead with its plan to allow a series of small companies to reopen Friday regardless of disapproval from President Donald Trump and health consultants.